Finance Team Vision Statement
Company strategy: Cash Conservation
Our team’s top priority is acting as optimising the cost base through technology and automation. Our role is to provide insights to improve decision making around cashflow management, cost optimisation and improving customer profitability. We act a business partner to the CEO and the Management team. Our high performing team are strong communicators and able to take on expanded roles as their digital co-workers remove the need for mundane tasks. As CFO, I have a clear succession plan in place in case my role needs to contract to conserve cash.
Operational Finance Efficiency
Efficiency and effectiveness are key outcomes from this functional area: automation and continuous improvement are used to keep costs down and internal controls are balanced in line with complexity and risk. The processes followed by the Delivery team ensures the right data is being captured in the best way to allow insights to emerge and compliance to be managed. Key customers of the Delivery team are the CFO, the Management team, other internal team members and external stakeholders including customers, suppliers and external advisors.
My team is responsible for lodgement of the quarterly tax obligations as we are closer to the day to day accounts than the external accountant, meaning efficiencies can be gained through our management of day to day compliance. This leaves the external accountant to focus on strategic tax planning, wealth management and income tax compliance.
Reporting and Insights
As CFO, I ensure decision makers have access to the information they need, when they need it. I map the data and reporting requirements and work with technical specialists to build out the data sets using the CRM, the operations system and other integrated platforms.
Real time reporting is available for key metrics. Each team member uses KPIs to track their areas of responsibility. For example, the Sales team have visibility over the payment behaviour of their key accounts so they can help drive collections and optimise our working capital profile. The Marketing team has visibility into campaign performance, allowing campaigns to be improved over time to maximise return on investment. The Operations team have access to real time capacity availability, which allows them to streamline throughput and output, improving our cash conversion cycle.
Regular integrated reporting is used to provide higher level insights into performance, allowing team members to self correct to improve their results, whilst also providing the Management team with insights as to what’s working and what needs to be improved. CRM and operational data is integrated with accounting data, allowing customer data to be integrated with financial results so return on investment and customer segment profitability can be calculated.
We work to a regular reporting schedule with reports being delivered on a real time, weekly or monthly basis in accordance with clear timeframes.
Business Partner
As CFO I provide strategic advice, ensuring future opportunities are identified and prioritised. I’m responsible for developing the financial acumen of our leaders. Through my corporate background and my experience scaling businesses, I bring a different perspective to the table. My advice focusses on the financial side of things, but I also provide insights on customers, and influence internal culture.
Risk is managed in a way that balances the need for control with the need for efficiency. I also ensure the Capital Structure is effective and maintain strong relationships with banks and external financiers. This ensures cash flow is carefully forecast and managed and additional funding sources are secured as needed.
The business relies on me to oversee the Finance Function and the Data Governance Framework so they can focus on delivering fantastic service to existing customers, optimising profitability and pricing new work effectively. I provide the team with forecast and historical data on financial performance and position: we compare the results with our long-term goals. This allows us to make decisions around whether existing strategies need to be adjusted.
I oversee the accounts delivery team, who are responsible for Operational Finance and day to day accounting including accounts payable and payroll, accounts receivable and banking. This team strives for cost efficiencies, and allows Engagement Leads to focus on providing insights and advice to our clients. All Finance team members strive to be the best at what they do. Personal development and lifelong learning are key values.
Amplifying Human Instinct Using Data
I mentor the business on how to use data designed to inform and improve decisions around marketing, sales and client service. The team understands how to use data to augment their personal experience and knowledge to improve financial outcomes. We use the Effigy 5C model to identify and assign data roles.
The data provided through the Finance function to the wider team allows the decisions which would have previously made off instinct and experience to be converted into a system that ensures other team members make the same decisions the CEO would have made, or better. We think of this as owner’s intelligence (intuition) being translated into business intelligence (data). This allows the CEO’s knowledge to be leveraged through her team, empowering others to use the data to maximise their impact on customers, both new and existing, thus improving financial results.
Finance team transformation
Does your Finance team vision look like the one above? If not, perhaps our Finance Team Transformation services can help change that.
If you’ve adopted a High Growth strategy check out our alternative Finance team vision.
